All is not well for Do Kwon, the Terra Founder, it seems. The International Criminal Police Organization (Interpol) has recently issued a red notice for Do Kwon. The Interpol red notice issuance is a move that is in line with the arrest warrant that was issued a few days ago. However, Do Kwon has not made any tweet or comment in this response.
“We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high bar of integrity and look forward to clarifying the truth over the next few months.”
I am not “on the run” or anything similar - for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide— Do Kwon 🌕 (@stablekwon) September 17, 2022
Recently on September 14, 2022, the Do Kwon arrest warrant had been issued by a court in South Korea. The move was a shocker to the crypto market participants as such an update was not expected after the recent surge of Terra Ecosystem cryptos (LUNC and USTC). However, some did expect such a thing to happen due to the fact that the Terra crash had defied certain rules and regulations that had to be followed for stablecoins like UST that were pegged to the U.S. dollar.
The Terra ecosystem collapse had spurred a ‘ripple effect’ on the entire market that was the reason for major losses for the participants in the sector. Several companies that had invested in these currencies also faced significant damages. In addition, the wrath of crypto winter was faced by crypto exchanges and lenders. The most notable has to be Three Arrows Capital whose liquidation also led to Celsius’ bankruptcy. These events are enough for the South Korean authorities to take this step.
The latest crypto news update in this respect states that after the Interpol red notice for Do Kwon was issued, it was ascertained that he is not in Singapore where he was expected to be residing earlier. This tale of twist during legal proceedings might be of great importance to crypto participants and enthusiasts around the world.
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